On Friday afternoon, Ethereum traded above the $2,000 per coin range amid a mix of caution and congestion in derivatives markets across futures and options. Futures open interest fell slightly during the day, but options data showed traders concentrating around a major strike, setting the stage for potential price compression.
Ethereum Options Compression Point Placement Near Maximum Pain Zone
Ethereum was volatile yesterday, but things have calmed down considerably on Friday. Ethereum futures open interest remains substantial across major exchanges, with CME leading in dollar terms at around $3.45 billion, representing around 14.1% of total trailing exposure, according to Coinglass.com statistics.
Binance followed closely with around $5.53 billion in open interest, capturing the largest share by notional value, while Gate, Bybit, OKX, and Bitget rounded out the second tier.
Ethereum futures open interest on February 6, 2026.
However, short-term market behavior turned defensive. Most major exchanges, including Binance, CME, OKX, ByBit, and BitGet, recorded an hourly drop in open interest, suggesting that traders are reducing risk rather than pushing for directional bets. The 4-hour and 24-hour numbers tell a more nuanced story, with CME, Binance, and Gate still showing net daily gains.
Volume-adjusted indicators reinforced that divergence. CME’s open interest-to-volume ratio hovers around 0.93, indicating deep institutional positioning, while Binance’s lower ratio reflects faster trading volumes and more active trading. BingX and Bitget recorded some of the highest ratios, indicating tight positions despite light overall flows.
On the options side, Ether open interest remained concentrated in Deribit, with long-term call contracts dominating the leaderboard. The largest single contract by open interest is the $6,500 call on Deribit ETH-27MAR26, followed by $5,500 and $6,500 calls expiring in late 2026, highlighting a sustained long-term upside position.
But that optimism came with risk aversion. The $1,800, $1,500, and $2,200 put contracts also rank among the largest open interest positions, revealing a market that wants upside room but refuses to leave the downside alone. In other words, options traders are wearing both seatbelts and helmets.
Ethereum options open interest on February 6, 2026.
According to aggregate options data, calls account for approximately 58.2% of the total open interest in Ether options, while puts account for 41.8%. However, the 24-hour trading split was close to dead even, with calls and puts each accounting for about half of the day’s volume, indicating that confidence remains fragile.
When the pain level is at its maximum, more tension is added. On Deribit, maximum pain prices are clustered around $2,100 to $2,200 per Ethereum over the upcoming expiry, with notable notional values building up from late February to late March. Binance’s max pain estimate rose slightly around $2,800, but then plummeted towards $2,200 heading into the expiration.
OKX presents a different picture, with maximum pain pulling into the low $2,400 range and subsequent contracts collapsing near the $2,100 zone. A recurring theme across all three venues was the gravity towards the low $2,000 region, uncomfortably close to Ethereum’s current spot price of $2,041 per coin.
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Long-term charts confirmed that message. Total open interest in Ether futures and options has increased significantly over the past year, but recent declines in both price and open interest suggest that traders are reducing leverage rather than doubling down. The derivatives market seems to be catching its breath.
Fundamentally, the Ethereum derivatives market is showing restraint rather than panic. With futures positioning easing, options crowding around maximum pain, and prices hovering just above $2,000, traders appear content to wait and see.
Frequently asked questions ❓
- What is the current price of Ethereum?Ethereum is trading at $2,041 per coin as of February 6, 2026, 1:30 PM ET.
- Which exchange has the most Ethereum futures open interest?Binance leads in terms of notional value, and CME has an advantage in institutional style positioning.
- Are Ethereum options traders bulls or bears?Calls outnumber puts in terms of total open interest, but daily trading is almost evenly split.
- Where is the maximum pain level for Ethereum?Across Binance, OKX, and Deribit, the biggest pain is centered around the low $2,000s.
